Amcor Executives Earned 52% Of Target Bonuses After A Cash Flow Miss Paid Nothing
A proxy supplement shows how the 52% payout was built, and the Berry Global merger award's EBITDA target stays confidential.
Amcor's executives collected 52% of target bonuses for fiscal 2026, and a free cash flow shortfall zeroed out one slice of the plan, according to a proxy supplement the company filed Wednesday. Amcor, which makes packaging and dispensing products for nutrition, health, beauty and wellness customers, also laid out the structure of a one-time Berry Global merger award ahead of the November 11 shareholder vote on executive pay.
How the 52% was built
The bonus scorecard for the CEO, CFO and the executive vice president of strategic development had four pieces. Adjusted earnings per share of $3.97, against a $4.00 target, earned 47%. Safety earned 5%.
The other two paid nothing. Free cash flow of $1,303 fell short of a $1,753 threshold, and organic volume growth of negative 1.5% missed a 0.8% threshold. Amcor says other executives' scorecards included division-level metrics that produced broadly similar outcomes.
The company's own five-year table shows bonus payouts averaging 112% of target in 2022, 21% in 2023, 56% in 2024, 49% in 2025 and 52% in 2026. Long-term incentive payouts ran 163%, 83%, 50%, 0% and 35% over the same years. Amcor says the five-year averages are 58% for bonuses and 66% for long-term awards, and argues the numbers show its targets are hard to hit.
A merger award with a secret target
To support the integration of Berry Global, the compensation committee approved a one-time award for senior executives and other key leaders, including the named executives. It is split about 70% performance share units and 30% options.
The units pay out only if combined-company adjusted EBITDA hits a target in the third and final year of the performance period, July 1, 2027 to June 30, 2028. There is no threshold, partial credit or sliding scale, and the whole award is forfeited on a miss. The committee says it did not lower the target for integration costs or market headwinds, and that it cannot be met through synergies alone but also requires organic growth.
Amcor said it is keeping the EBITDA figure confidential because it is forward-looking and its release could cause competitive harm. The company plans to disclose the target with actual results once the performance period ends.
The options pay off only if the share price rises after the grant, vest after three years and expire after ten.
The vote and the next date
The disclosure supplements the pay section behind Proposal Three, the advisory shareholder vote on executive compensation at the November 11 annual meeting. The board recommends a vote for it. Amcor says FW Cook, its independent consultant, advised on incentive design, and it intends to give similar detail on bonus goals in future proxy statements.
Amcor's market value was $21.2 billion when the supplement was filed Wednesday, and its next quarterly results arrive after the US market closes on November 4.
Sources
- Amcor plc — DEFA14A (2026-10-28) — SEC EDGAR
- Amcor (AMCR) Earnings Expected to Grow: What to Know Ahead of Next Week's Release — Yahoo Finance
- Amcor PLC (NYSE:AMCR) : Articles :: Law360 — law360.com
- Amcor to report September 2026 results – Company Announcement - FT.com — Financial Times
